REA calls for brand-new UK storage space market mechanism

• Energy requirements will be 'left unmet without substantial adjustment', according to study

A brand-new market mechanism is needed to open financial investment in a variety of longer-duration energy storage space technologies in the UK, according to a new report from the Association for Renewable Energy as well as Clean Technology (REA).

Otherwise, future longer-duration energy storage requirements will be left unmet without substantial adjustment, the report located.

The Longer-Duration Energy Storage space: The missing out on item to a Net Zero, reliable as well as affordable energy future report approximates that the UK will require at least 30GW of longer-duration energy storage by 2050.

The report wraps up that this target is currently undeliverable based on the here and now market and regulative structure.

REA's evaluation located that an Income Floor would be the most effective market mechanism for sustaining this category of storage space, but that a Regulated Asset Base design could be an ideal alternative.

Highlighted barriers consisted of the reasonably brief length of contracts for capital intensive projects and also a 'salami cut' procurement of services.

While welcoming the Government's statement of a ₤ 68m demonstration competition for first of a kind energy storage space projects, the REA say that this will not resolve the obstacles to implementation that impact all longer-duration energy storage space technologies.

REA director of plan Frank Gordon claimed: "Longer-duration energy storage will be important to supporting our grid with the energy shift in the drive to net zero.

" However, as our report shows, we are a long way from fulfilling our targets on existing patterns.

" While I welcome the federal government's statement of a ₤ 68m presentation competition for very first of a kind energy storage projects, this will not fix the obstacles to deployment that influence all longer-duration energy storage technologies.

" It's clear that, in order to drive financial investment around, a brand-new market device is needed.

" We see an income floor as one of the most suitable option, nevertheless with a Controlled Asset Base design being the next best choice.

" We will certainly work with BEIS to promote modification in this field and hope they respond by issuing a Call for Evidence alongside the Smart Equipments & Flexibility Plan upgrade."

Drax Group Chief Executive Officer Will Gardiner included: "Britain's pumped hydro storage space terminals have never been more vital to the nation's decarbonisation.

" They play an important role in maintaining the grid stable as well as making it possible for even more wind power to come online.

" Versatile as well as responsive power generation as well as storage capability from pumped hydro projects like Cruachan are important for delivering the UK Government's net zero by 2050 target.

" With the right support structure from Government a new generation of pumped hydro storage power plant can be built, sustaining new jobs and assisting the country decarbonise faster."